Industrialization and Economic Growth

Question 1

Government promotion

Answer 1

Government supported the railroads by land grants, taking the land surrounding and giving it to the railroads to make and improve towns. Gives federal loans to produce the railroads.

Question 2

Robber Barrons
Corruption

Answer 2

Stock watering, Jay Gould. Say that the stock is higher than the sale, people see that the higher of his stock is higher and want to buy it instead of others. People would also buy a judge or politician.

Question 3

Robber Barons
Cornelius Vanderbuilt V. Jim Fisk

Answer 3

Cut prices lower than other railroad companies and give secret rebates to other people. People will form a pool/combination, joining with other companies to get rid of smaller businesses. Creates a monopoly.

Question 4

Technology
Pacific Railway Act

Answer 4

Designated the 32nd parallel as the initial transcontinental route

Question 5

Technology
Promintary point

Answer 5

The point in Utah where the Union pacific and central pacific meet

Question 6

Technology
Telegraph

Answer 6

Thomas Alva Edison made the phonograph, lightbulb, and projectors.

Question 7

Technology
Stock Ticker

Answer 7

How they keep track of stock price

Question 8

Technology
Refrigerator car

Answer 8

refrigerated cars allows meat and perishable goods to be shipped across the country.

Question 9

Technology
Telephone, Cash register

Answer 9

allowed faster work and comunication

Question 10

New Financial Structures
Trust

Answer 10

Provides legal obligation for one party giving the second party right to hold title to property or assets for the benefit of a third party/company

Question 11

New Financial Structures
Interlocking Directorate

Answer 11

Interlocking directorates is where the same people are on the board of directors for different companies, making sure the stocks are based in their own favor instead of instead of the stock brokers.

Question 12

New Financial Structures
Holding Company

Answer 12

Overarching company that has other companies under it, all controlled by John Rockefeller

Question 13

New Financial Structures
Business Methods-
Secret Rebates:

Answer 13

Businesses will give other company rebates if they use their property, like rail roads instead of somebody else’s.

Question 14

New Financial Structures
Business Methods-
Watering Stock

Answer 14

Saying that the stock prices were worth more than they are so people will then buy the stocks instead of others.

Question 15

New Financial Structures
Business Methods-
Pools

Answer 15

Like a handshake between companies in the same industry that will come together to form a group of contributors who will then try to eliminate other competitors.

Question 16

New Financial Structures
Business Methods-
Vertical Integration

Answer 16

Taking up at least one part of the different levels of the production process

Question 17

New Financial Structures
Business Methods-
Horizontal Integration

Answer 17

Owns the entire specific process of production, like oil refining for Rockefeller

Question 18

Impact on the Economy

Answer 18

Growing towns along the great lakes and canals, new factories being built. New markets are bigger and so is business, so people continue to move west

Question 19

Impact on Immigration

Answer 19

Increased immigration for people to work on the RR and take some land from the Homestead Act. Working and consuming in towns, generating wealth

Question 20

Impact on Urbanization

Answer 20

Bigger cities and factories to accommodate from the resources. Time zones are created.

Question 21

Andrew Carnegie- Gospel of Wealth

Answer 21

Wealth means you have a responsibility to give back to society, not through handouts, but through libraries and universities.

Question 22

The New South

Answer 22

Copy strategies of the North. There is more growth with textile production instead of just cotton. However, the African Americans enter The Long Night, as their poverty increases and are pushed back to sharecropping. They are still heavily tied to cotton production.